Cost Of Bankruptcy

2008-11-24   minute read

The amount you have to pay into a bankruptcy depends on a variety of factors and you should meet with a trustee in order to find out what this amount is in your particular situation.  For most personal bankruptcies, the fees are set by law and, as long as you can show ability to manage monthly payments, we can set up a manageable payment plan for you. In some cases, the cost of your bankruptcy could be covered by tax refunds or assets.  Some assets are protected and you are entitled to keep them in a bankruptcy.  Other assets may have to be surrendered to the trustee if you do a bankruptcy and the money from those assets could cover the bankruptcy costs. If you have no income or assets, you may be "creditor proof" - i.e., there may be nothing the creditors can do to you if you're unable to make your debt payments.  In that case, you may not need to do a bankruptcy.  However, if you know that you will have income  or assets in future, you may need to do something to deal with your debts, possibly a bankruptcy.  Feel free to give me a call if you'd like to discuss further. Judy Scott - Meyers Norris Penny Limited Vancouver - Port Moody - Abbotsford

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